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20100918
20100918
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. canada's oil sands are one of the world's largest deposits, about eight times current u.s. oil reserves. it is preferable for the u.s. to process and use these oil resources than alternative foreign markets. recognizing this, as i indicated before, our company is investing $2.2 billion here in our detroit refinery to enable us to process crude oil derived from canadian oil sands and to clean dress protection tools and other prada products that our consumers need. that project is the largest project going on in the state of michigan today. there is substantial opposition to importing this oil because its current intensity is slightly higher than that of most conventional oils. we are developing and implementing technology that can and will solve that problem. i use that point to transition to the file of the three key elements of an energy security strategy, which is the need for innovation and new technologies. as i stated earlier, technology and innovation are vitally important in increasing the supply of into, moderate demand, and protecting the environment. there is a tremendous amou
familiar with the canadian system? >> i am. i am not an expert on canada, but i am familiar with the system. the canadian system is different from ours. they are tightly regulated and have a highly concentrated banking system. they rely on a shorter term adjustable rate mortgage. it is possible to create a system similar to that. other countries have used the cover bond market as an approach. when you look at the international examples, it is important to look not just what is on the books but what also may be implicitly there. a number of companies with concentrated banking sectors were the does not appear to be a government guarantee involved has implicit backing for the financial institutions that we do not want to retreat. international examples can help, but we have to go a couple of layers deeper to know if that is the kind of system we want or not. >> is there any incentive for the private market to get back into this market given the fact that freddie and fannie are in existence and we are continuing this freeze where we are continuing to let them do what they were doing before the
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